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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»Fintech»SA Fintech Startup Mortgage Market Secures $683K Funding
    MortgageMarket Founder, Timothy Akinnusi

    SA Fintech Startup Mortgage Market Secures $683K Funding

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    By Tapiwa Matthew Mutisi on February 12, 2021 Fintech, Funding, Property, Startups, Technology in Africa

    Digital home loan start-up Mortgage Market which plans to disrupt the home loan market by changing the slow and cumbersome traditional home loan application process and is South Africa‘s first independent online mortgage marketplace has secured $683K (R10-million) in a Series A funding round led by IDF Capital, a leading venture capital firm. This investment follows an initial R7-million secured from its founders and private investors in 2019.

    According to the fintech, the funding will be used towards expanding the brand and growing the newly founded startup. 

    IDF Capital CIO, Dineo Skwambane comments on the investment made into the fintech startup. 

    “The company has exhibited strong traction to date; in addition to developing a healthy sales pipeline and business partnerships. Importantly, we are jointly executing our value creation strategy with MortgageMarket. This will see interesting synergies between MortgageMarket.co.za and our other portfolio companies; the result of which will yield greater shared-value to the market.”

    Mortgage Market 

    Founded in 2019, Mortgage Market is a fintech startup that has created an online marketplace for home loans. Users are able to access a home loan easily via its online platform. 

    Tim Akinnusi, co-founder of Mortgage Market provides insight into the aims of the fintech startup. 

    “MortgageMarket.co.za was founded to simplify the process of getting a home loan by eliminating unnecessary paperwork and inefficiency in the home financing process. Globally, the integration of secure technology and financial services has made significant strides and we believe customers are ready to embrace the choice, convenience, transparency, and control our offering presents.”

    The fintech startup is run on the basis of a shared-value model with the aim of ensuring that customers are provided the best home loan on the market. In addition, the startup has developed a home loan pre-approval tech capability that provides users with access to a free credit and affordability assessment. This additional feature provides users with accurate knowledge of their buying potential and finances. According to the fintech startup, it offers users cashback of up to R25 000 who utilise its fully automated platform to secure a loan. 

    Related

    Digital startups Funding Home Loan Applications IDF Capital Mortgage Market Online Mortgage Marketplace South Africa Startups Startups in Africa Timothy Akinnusi Venture Capital for Africa
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    Tapiwa Matthew Mutisi
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    Tapiwa Matthew Mutisi has been covering blockchain technology, intelligent technologies, cryptocurrency, cybersecurity, telecommunications technology, sustainability, autonomous vehicles, and other topics for Innovation Village since 2017. In the years since, he has published over 4,000 articles — a mix of breaking news, reviews, helpful how-tos, industry analysis, and more. | Open DM on Twitter @TapiwaMutisi

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